Property insurances find a place in the insurance portfolio of most organizations, be they in manufacturing, services or other activities. Property insurances provide protection to an organization in respect of its valuable assets that are critical to its operation. In respect of a manufacturing company, the assets would not only include the fixed assets such as building, machinery, electrical installation, furniture, fixtures, fittings and stock of materials but also movable assets such as stocks of raw materials, finished products and work in process. In respect of service industries, there may not be any concept of raw materials or finished goods, but the critical assets could be the facilities such as building and associated equipments related to power supply, air conditioning and water supply.
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